Well he appears to be saying pretty much what we have been saying, damn socialist
"I would just say that very generally people are quite unhappy about the state of the economy," said Bernanke, and with "some justification"
When asked about the root cause:
Bernanke said: "Excessive risk-taking had a lot to do with it." So did the failures of regulators, he said.
I would go perhaps one step further: The regulators were complicit in the risk taking and highway robbery.
With pretty much every nation under a burden of public and private debt to a greater or lesser degree, and developing countries taking an even harder hit:
Ben Young said: “When you think how bad the recession is here, think how much worse it must be in the world’s poorest countries. How we can break out of debt and austerity without hurting vulnerable people, whether they are in the UK or around the world?
Funnily enough both private and public debt belongs to each and everyone of us since the money has to come from somewhere it is who and how it is expected to be paid back where the craziness starts.
Think of taxing share transactions?
Think about regulating the markets?
Think about asking those that benefited the most to contribute?
Hands are raised in horror because who else can save us from this disaster...
You mean the people that created and profited from this failing system?
The people that worked the system until someone noticed it was broken and the whole house of cards came tumbling down?
Class war is too mild a term, more like highway bloody robbery coupled with degradation. Who is now being asked to clean up the mess? Those that can least afford to, that's who.
Bernanke may get part of it, but he didn't get the whole of it.
The system is the bloody problem and it broke a long time ago.